Impact of the EU Industrial Policy on Industry Competitiveness

Abstract

Industrial policy is an important factor of the industry’s development and improved competitiveness. The EU and its Member States, pursuant to the Europe 2020 strategy, implement different industrial policies to reinforce the competitiveness of the manufacturing industry. Serbian manufacturing industry is experiencing sharp declines in its competitiveness, as well as in the capability to produce and export tradable goods to the EU market. The paper analyzes the EU’s industrial policy and competitiveness of the Serbian manufacturing industry sector. The aim of the research is to indicate the importance for adopting and implementing the EU’s industrial policy acquis as a part of the EU accession activities. The initial hypothesis of the paper is that industrial policy is a major factor in improving the competitiveness of the manufacturing industry. Based on the analysis of the EU industrial policy concept, the paper seeks to point out the necessity of defining and implementing industrial policy as part of the economic development strategy, as well as a means of increasing the competitiveness and development of the Serbian manufacturing industry in the future.